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Weyerhaeuser is selling its hardwoods and industrial products business unit to American Industrial Partners (AIP).
AIP announced the "definitive agreement" Wednesday and said the deal should close in August. The new business will operate as Northwest Hardwoods Inc., headquartered in Tacoma, Wash., with operations in the United States, Canada, China, Japan and Hong Kong.
David Weyerhaeuser, VP sales and marketing of Northwest Hardwoods, said: "As a stand-alone company, we expect to offer our customers flexibility, fast market response times, continuity of supply and an entrepreneurial 'can do' attitude."
Terms of the deal were not disclosed.
"AIP is acquiring a business with experienced employees, outstanding quality products, highly automated and efficient sawmills, and an attractive worldwide customer base that relies on Northwest Hardwoods for essential products and services," said AIP's Rick Hoffman.
Also on Wednesday, Federal Way, Wash.-based Weyerhaeuser Co. announced the launch of Weyerhaeuser Solutions Inc., a subsidiary offering a range of consulting and management services designed to help clients develop, manage and commercialize forest assets.